David (52 years) carries on a manufacturing business in Brisbane and for the current tax year ended 30 June he derived $750 000 in assessable income, paid $700 000 in allowable deductions (s 8-1 general deductions), paid $17 000 in super contributions for his employees and paid $40 000 superannuation contributions for himself. In addition David had a carried forward revenue loss of $20 000 from the previous tax year. What is Davids taxable income/(loss) for the current year ended 30 June?

Select one:

1. $74 000 loss.

2. $41 000 loss.

3. $61 000 loss.

4. $20 000 loss.

5. Nil.